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Korean Expansion and Decline from the Seventeenth to the Nineteenth Century: A View Suggested by Adam Smith

Published online by Cambridge University Press:  01 March 2008

JUN SEONG HO ,
JAMES B. LEWIS  and
KANG HAN-ROG
JUN SEONG HO
Affiliation:
Research Professor, Academy of Korean Studies, 50 Unjung-dong, Pundang-gu, Sŏngnam-shi, Kyŏnggi-do, Korea 463-791. E-mail: [email protected].
JAMES B. LEWIS
Affiliation:
University Lecturer in Korean History, Oriental Institute, Pusey Lane, Oxford OX1 2LE, United Kingdom. E-mail: [email protected].
KANG HAN-ROG
Affiliation:
D.Phil. Candidate in Oriental Studies, Wolfson College, Oxford Univesity, Oxford OX2 6UD, United Kingdom. E-mail: [email protected].
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Abstract

The first price runs for Korean rice help us develop a Smithian physiocratic model to explain the low, stable prices of the eighteenth century and the rising, volatile prices of the nineteenth. Ownership rights provided incentives, and productivity after 1600 exceeded subsistence to achieve rural commercialization. Infrastructure investment from the late seventeenth century promoted development and prosperity, but declining investment, dysfunctional institutions, bad weather, and a population crash pushed the economy towards subsistence in the nineteenth. Decline saw rice monoculture, inflation, and price volatility even before imperialism's impact. Parallels with China suggest an “East Asian” premodern agricultural model.

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ARTICLES
Information
The Journal of Economic History , Volume 68 , Issue 1 , March 2008 , pp. 244 - 282
Copyright
Copyright © The Economic History Association 2008

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